CECL for the consumer industry

Current expected credit loss accounting standard insights

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CECL implications for the consumer industry

The Consumer Speaks podcast series returns with episode II. Rich Paul, Deloitte’s Audit & Assurance Consumer industry leader, hosts a thoughtful discussion about the current expected credit loss (CECL) accounting standard and considerations for companies in the consumer industry. Joining Rich are Jon Howard, Deloitte Audit & Assurance partner in the National Office financial instruments accounting and reporting services group, and Troy Vollertsen, Deloitte’s Audit & Assurance Banking & Capital Markets sector leader. Listen in as they discuss why the Financial Accounting Standards Board (FASB) created CECL, how companies should prepare to adopt and implement the standard, and more.

It does require discussions with credit groups and budgeting groups that have more insight into expectations of what's going to happen in the future or that are making the decisions about maybe new customer bases or new products that you're doing.

- Jon Howard

CECL standard implementation for the consumer industry

Companies in the consumer industry may feel the impact of new requirements under the current expected credit loss (CECL) standard if they hold significant financial assets. We address the potential challenges and provide a methodical approach to help prepare consumer industry executives to meet the upcoming deadline.

US Current Expected Credit Loss (CECL) implementation guidance

For some industries, the Financial Accounting Standards Board’s new CECL accounting standard is one of the more challenging accounting change projects in more than a decade. Deloitte can help you get ready.

About Consumer Speaks

On the Consumer Speaks accounting and reporting podcast series, you’ll hear from our Deloitte leaders and professionals as they share their experiences and insights on timely topics across the automotive, consumer products, retail, wholesale and distribution, transportation, hospitality, and services industries. Stay informed on the hottest topics facing these industries and how they can affect your business.

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This podcast contains general information only and Deloitte is not, by means of this podcast, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This podcast is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor. Deloitte shall not be responsible for any loss sustained by any person who relies on this podcast.

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